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We're short | 21 February 2023

21 February 2023, USD/JPY

USDJPY has completed forming a full motive wave( 5 waves structure) and is currently in a corrective phase, the price has been rejected at minor corrective wave c (134.96) because of the major zone at this level. Again, the market has formed an ascending channel from 131.59 to 134.96 which is a bearish pattern. The market has already broken below the lower trendline of this channel, I expect this pair to form a head and shoulder pattern and then drop up to 130.90. The price is likely to push slightly higher up to 134.5 before dropping.

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We're short

Bob Stan
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